Last checked at 15 Mar 2023 07:00
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
15 March 2023
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Board Changes
The Board of Europa Oil & Gas (Holdings) plc (the "Board") announces that Mr Simon Oddie, Chief Executive Officer since August 2020 and Executive Director since November 2019, has decided to retire as Chief Executive Officer. Mr Oddie will remain on the Board as a Non-Executive Director. Mr William Holland moves from the role of Chief Financial Officer to Chief Executive Officer with immediate effect.
Brian O'Cathain, Chairman of Europa, commented: "On behalf of the Board, I would like to thank Simon for his service to the Company as Chief Executive Officer. Simon was appointed to the Board initially as Non-Executive Chairman in January 2018 before becoming Interim Chief Executive Officer and Executive Chairman in November 2019 and then Chief Executive Officer in August 2020. I am pleased that Simon will remain as a Non-Executive Director to ensure a smooth handover and enable business continuity going forward. I would also like to welcome Will Holland as the new Chief Executive Officer. Will has been Chief Finance Officer and on the Board since April 2022 and has already been able to make a significant contribution to Europa. Will has the skills required to continue to grow and expand the business as we look to create further value for our shareholders."
Simon Oddie commented: "I believe this is the right time to pass the baton to Will following a very busy period of real change for Europa. As CEO I have overseen a re-balancing of Europa's portfolio, notably with first oil and ongoing production at the Wressle field, the addition of a third leg to our business by securing a late-stage appraisal project at Serenity and further progress on the exploration position in the proven gas play of the Slyne Basin offshore Ireland. I look forward to continuing to help grow the business in a non-executive capacity."
Will Holland commented: "I am delighted to be taking on the role of CEO at this exciting time and look forward to realising the further potential of our assets, whilst both accelerating the growth and maintaining the balance within the business."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018, as amended.
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For further information, please visit www.europaoil.com or contact:
Simon Oddie / William Holland / Murray Johnson | Europa Oil & Gas (Holdings) plc | mail@europaoil.com |
James Dance / James Spinney | Strand Hanson Limited - Nominated & Financial Adviser | +44 (0) 20 7409 3494 |
Peter Krens | Tennyson Securities | +44 (0) 20 7186 9033 |
Patrick d'Ancona / Finlay Thomson / Kendall Hill | Vigo Consulting | + 44 (0) 20 7390 0230 |
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets which includes production, development and exploration interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. Production for the year ending 31 July 2022 was 245 bopd. In April 2022, Europa farmed into P.2358, Block 13/23c ("Serenity") in the Outer Moray Firth area of the North Sea. The licence contains the 2019 Serenity oil discovery, in which Europa now has a 25% interest. The Company holds one exploration licence offshore Ireland, which has the potential to host gross mean un-risked prospective resources of 1.5 trillion cubic feet ("tcf") gas. Inishkea is a near field gas prospect in the Slyne Basin which the Company classifies as lower risk due to its close proximity to the producing Corrib gas field and associated gas processing infrastructure.